Bitmain, a Chinese mining hardware giant, confirmed a ready plan to install 56,000 Bitcoin mining rigs to the southeastern U.S. State of Georgia.
This latest influx of Bitcoin mining rigs is part of a three-way partnership deal between Nevada-based tech firm ISW Holdings, crypto mining datacenter Bit5ive, and Bitmain.
In a September 9 announcement, ISW Holdings confirmed plans to install 56,000 mining rigs in Georgia, with the total cost of the hardware deployment believed to be worth around $62 million. ISW expects the project to generate monthly revenue of $10 million when running at maximum capacity.
ISW Holdings has confirmed releasing $6 million already towards the purchase of Bitmain’s Antminer S19J mining rigs featuring the new official brand “BlockQuarry” using Bit5ive’s infrastructure. From early in June, Bitmain reportedly suspended local orders amid a booming second-hand market.
The Nevada tech company anticipates the new mining facility “BlockQuarry” project in “POD-CITY” located in southeastern Georgia to be wholly operational by October 2022, with the project expected to consume 200 megawatts of electricity. ISW expects the first 20MW of power to be operational by October 2021.
While commenting about the mining project, Alonzo Pierce, president and chairman of ISW Holdings, insisted that the nature of the business has changed since it partnered with Bit5ive last year and began designing “state-of-the-art mining pods,” adding:
“Looking ahead, our hosting service revenues will be stable and substantial and capable of strong growth. And our mining revenues will fluctuate with prices in the cryptocurrency space.”
According to the official announcement, partner company Bit5ive will manufacture “BLOQPODS,” which will be sub-grouped in “BLOQPARKS” operated by the BlockQuarry mining facility. Each pod will comprise roughly 280 Bitmain Antminers to produce a hash rate of 28,000 terehashes per second (TH/s).
ISW Holdings already operates a similar project comprising 700 Bitmain Antminers featuring S17s, S19s, and Cannan Avalons at Bit5ive managed site in Pennsylvania.
In a related development, the Bitcoin hash rate has recovered to 133 EH/s from its late June slump to 68 EH/s following the mass migration of miners from China. Data acquired from Glassnode on September 6 confirmed that miners have already started taking profits under the current hash rate, adding:
“The increase in hash-rate is likely a combination of previously obsolete hardware finding a second lease on life, and miners in China successfully relocating, re-establishing or re-homing their hardware and operations.”
